Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-03-08
any influence which we may possess TO
persuade the bondhoIders TO waive this
custom and to make distinct and
definite offer of settlement"
Let us hope for the best"
The Purposes of the British Bond

| report OF me c0Tp0Tutto" ~ We CV"'
| Gil Of Foreign Boadhotders, held in
london March ], 1887. The extract
will be found at pages 140-l46 OF the
report. We have failed to find in 1t
any offer of compromise, and this
strengthens our previous conclusions
that they have never made any:
Notwithstanding the decisions OF
the United States Supreme Court
referred to in the last report, de-
creeing the unconstitutionality OF the
I repudiating statutes passed by the
Virginia Legislature for the purpose
of defeating the coupon contract,
the government OF Virginia, contrary
10 the hopes and expectations OF the
committee. has continued to persist in
| it's efforts for the enforcement of the
Riddleberger settlement. The commit
tee, however, have persevered in their
policy of patiently following up the
advantages they have gained in the
| Federal courts, and they hope and be-
| lieye that this course will ultimately re-
suit in securing to the bondholders the
recognition of their rights.
Before adjourning last spring the
Legislature passed two acts intended
to nullify the remedy provided by the
act known as Coupon-Killer No. l.,
one recurring the production of the
bond with the coupon, and the other
forbidding the use of expert testimony
| on proving the genuineness of coupons
submitted for verifcation. The effect
of these laws, by regulating the juris-
diction of the State courts, has been
so far TO render it impossible to compel
the receipt of coupons by the State
and to oblige taxpayers intending to
avail themselves of the use of coupons
to stand on simple tender. The
validity of these enactments, however,
rests only on the authority of the State
Court of Appeals, and steps have al
ready been taken to reverse its decision
in the United States Supreme Court.
"The first practical result of the de-
cision of the United States Supreme
Court affirming that the tender of the
coupon paid the tax was gained in the
suit of Ford as. Taylor, treasurer of
Henrico county, in the United States
Circuit Court, before Judge Bond, on.
the Sth of April. The plaintiff sued
the defendant for damages for trespass
in levying after tender of coupons.
"The amount of tax involved was
$40, and the jury awarded damages to
the amount of $3.50, adding $50 cost.
Thus on this occasion it cost the State
$40, besides its own expenses, TO col
lect $40 of taxes, and the coupons which
had discharged the tax remained the
property of the Taxpayer. This issue
was followed up later in the year by a
number of other similar trespass suits,
resulting in every instance in verdict
for damages and costs, thus mulcting
the State in considerable expense, be-
sides obliging it to forego the cancella-
ton of the coupons rendered. AS a
consequence of these verdicts, the At
torney- General of the State advised the
cessation Of levies, and taxpayers avail
ing themselves of their right to tender
coupons have since remained unmo
Tested.
"The failure on the part of Mr..
Royal to obtain exemplary damages
against the Indemnity Board (which
was constituted for the purpose of re-
imbursing treasurers against whom
damages might be awarded in conse-
quence of levy after tender of cou-
pons) at the hands of Richmond jury,
in the present state of the public mind,
has induced him to take steps to re-
strain them from exercising their func-
tons, and motion for an injunction to
accomplish this end is pending in the
United States Circuit Court at the date
of writing this report. Mr.. Royal has
also moved Judge Bond to grant man
damus to compel the Auditor to receive
coupons from a treasurer which had
been previously rendered to him by tax
payers. The committee attach impor-
lance to both the points involved, and
they look with confidence to q satisfac
tory result.
Towards the end of May Mr.. James
p. Cooper, an English holder of Vir-
ginia bonds, visited Virginia with the
view of satisfying himself as to the ex-
listing state of public feeling and gen.
eral condition of affairs relative to the
debt question, Making Richmond his
headquarters, he visited all the princi-
pal towns in the State and discussed
the objects of his visit with many of the
prominent officials and citizens. On his
return to England he gave the commit
tee, in written report, the benefit of
his impressions on the relation of po-
litical parties in the State and the gen
eral aspect of the debt question, and
his opinion as to the causes lettering
taxpayers from the use of coupons, as
well as to the best means of counter
acting them.
"Mr. Cooper found that the alleged
efforts to intimidate tax payers who
elect to use coupons by "bOycOtting"
them are entirely repugnant to public
sentiment throughout Virginia, and
have no real significance.
"With regard to the feeling caused
by appeals to patriotism and sCtt-jn-
terest, Mr.. Cooper says:
"From many indications judged that. with
the majority, the patriotic feeling would be
very quickly disslpated If the Taxpayers could
see their way to pay their taxes in coupons, at
a discount with impunity
am quite convinced that the patriotic senti-
ment will only exist 80 long there Is difficulty
In the way OF using coupons"
"Mr. Cooper gives the following ex-
PLANTATION of the ignorance of taX-pay
ers as to their legal rights
"The litigation has been 80 protracted and
complicated, the press has 80 persistently sup
pressed and misrepresented the issues, and |
such false statements have been disseminated |
by the politicians and ofilce-seekers in the po- |
liiicaI campaigns, that the taxpayers are |
wofully ignorant Of the true state of affairs, |
especially in the more rural districts. The let
tiers from Taxpayers ia all parts Of the State |
are sufficient proof OF these as |
sertions.r
"Mr. CoOper's recommendations as to |
the best means of counteracting these
obstacles were carefully considered by |
the committee in all their bearings, and |
they have since taken such action as |
recommended itself to their judgment |
i'll the bondholders interests.
"With the view of ascertaining the |
feeling OF the bondholders and obtain
ing their sanction to certain steps which |
it was deemed desirable to take for the
better enforcement of their rights, a
meeting of bondholders of all classes
was summoned for the oath of Septem-
Der, at the Cannon-Street Hotel, 'to
consider the position Of affairs and to